MBNA Bought
US credit card company bought in $35bn deal
30th June 2005
Bank of America have announced they are to buy US credit card company MBNA for $35bn, in a deal that will see the bank gain another 20 million card accounts, doubling their current number.
While MBNA is a mainly USA operation, it does operate credit card accounts in other countries, including the UK, where it is responsible for a sizeable amount of the affinity card market.
MBNA's overseas operations will also allow Bank of America to expand in markets beyond the USA, where it is already close to the maximum allowable size under American competition rules.
Read More: BBC Report
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